A college financial aid scholarship is sometimes used as a synonym for a financial aid award. Financial aid awards refers to funding intended to help students pay educational expenses including tuition and fees, room and board, books and supplies, etc. at a college, university, or private school. College financial aid scholarships can be classified into two types of awards: merit-based or need-based.
Merit based Scholarships
Merit based scholarships are scholarships awarded by the individual college or university and scholarships awarded by outside organizations. Merit scholarships are typically awarded for outstanding academic achievements, although some can also be awarded for special talents, leadership potential, athletic ability and other personal characteristics as specified by the awarder. Merit scholarships can also be given because of group affiliations (such as ASCFME, YMCA, Boys Club, etc.), and are sometimes awarded without regard for the financial need of the applicant. At many colleges, every student that is admitted is automatically considered for a merit based scholarship. At other universities, a separate application may be required.
Need based Scholarships
Need-based financial aid is awarded on the basis of the financial needs of the student. The Free Application for Federal Student Aid (FAFSA) is generally used for determining federal, state and institutional aid eligibility. At private institutions, a supplemental application may be necessary in order to determine student eligibility.
In the US, the federal government provides need based federal aid to students using the Federal Student Financial Aid (FSFA). The FSFA is composed of different programs, grants, and scholarships, work and loan programs which include:
Federal Pell Grants
Federal SEOG Grants
SMART Grants
Academic Competitiveness Grants (ACG)
Federal Work-Study
Federal Stafford Loans (Subsidized and Unsubsidized)
Federal Perkins Loans
Federal PLUS Loans
Federal Perkins Loans are made by participating schools per annual appropriations from the U.S. Department of Education, whereas Federal Stafford Loans and Federal PLUS Loans are made by participating lenders under the Federal Family Education Loan Program (FFELP). The U.S. Department of Education serves as a lender and guarantor under the William D. Ford Direct Loan Program.
To qualify for federal student aid, a student must file the Free Application for Federal Student Aid (FAFSA). The FAFSA uses a calculation, taking into account income and assets, to determine a student's "Expected Family Contribution (EFC)" toward his or her college education for that year. Colleges use the EFC to decide what types of financial aid a student is eligible to receive. The FAFSA must be completed annually in order for students to be considered for financial aid. Get your Free Application for Federal Student Aid (FAFSA) today.
In addition to college financial aid scholarships, be certain to review other educational funding resources such as college grants, loans, and credit card resources to help fund your dental education.
Did you find this page helpful? Do you need additional college financial aid scholarship information? If so, use the SiteSearch toolbar below to search for more information on the web.
